Morning Bites (part 1)

🔗Global crude steel output stood flat YoY at 151mnt in October, after the 5% YoY drop in September, according to the World Steel Association data. China’s production (54% of global crude steel supply) rose 3% YoY, reversing from the 6% YoY drop in September, while ex-China steel output slipped 2% YoY. The WSA numbers show that Russian and US production dropped 15% YoY and 2% YoY, respectively, last month, while EU supply grew 6% YoY. Indian output (~8% of global steel supply) also grew 2% YoY in October, and was up 6% YoY on the 10mo24 basis

We reiterate our view that the new economic support measures announced by Beijing might bolster the local property sector in 2025, but more actions are required for a full-scale recovery in construction activity. In particular, CISA has recently warned mills to maintain production discipline, as local steel market conditions have not materially improved yet

#steel 
https://metals-wire.com/sector/Steel